Table of Contents
Top picks, macro data, consensus data sheet ..................................3
Cyclical recovery taking shape......................................................... 5
Cyclical upturn accelerating; sharpest rebound in Asia .......................5
Valuation expansion on sharpest GDP rebound since 1998.........................6
Earnings momentum remains positive ...................................................8
Singapore market target and DB 10 portfolio..................................10
Risks ...................................................................................13
Charting a recovery ......................................................................... 14
Sector views .................................................................................... 17
Banks: Overweight...........................................................................17
Property developers: Neutral ..........................................................19
Real Estate Investment Trusts: Overweight..................................20
Conglomerates/Offshore and Marine: Neutral ..............................21
Telecommunications Underweight ...........................................22
Container shipping: Neutral.........................................................23
Airlines sector: Neutral...........................................................24
Land Transport: Neutral ..................................................................25
Healthcare: Underweight .......................................................................25
DB 10 Singapore Portfolio .............................................................. 26
Sector rotation................................................................................. 27
1. Performance – Food, Beverage & Tobacco .................................27
2. Growth and value...............................................................................27
3. Momentum and marginal change .....................................................28
4. Sentiment, flows and liquidity......................................................28
5. Volatility and risk ............................................................................29
Asset allocation ............................................................................... 30
DB macroeconomic view ................................................................ 31
Macro view ..................................................................................31
Appendix A – Growth...................................................................... 32
Appendix B – Value ......................................................................... 33
Appendix C – Risks .......................................................................... 34
Appendix D – MSCI Singapore ....................................................... 35